- Top cryptocurrencies halt after a small step forward.
- Bitcoin has much ground to recover back to its original price, standing still at $49,600.
- Ethereum recovers at a snail’s pace to $4,200 price.
- Once again, Terra (LUNA) and Gala (GALA) dominate the gainers’ charts.
As the effects of the recent bearish run start to wear off, all our crypto tokens have a long way ahead of them to regain their initial values after Friday’s value drop. The global trading volume has displayed a very sudden but welcome trading volume recession by 36.27%. One might wonder why this is a good rather than a bad thing.
Recession is a good thing for investors who are waiting for the prices of the major tokens to resurge. As the trading volume drops, each coin’s market cap will begin to increase as the values go up, thus resulting in the increment of the global crypto market cap.
The global trading volume has dropped significantly in value by 36.27%, indicating that the global crypto market cap has begun to make its way back up. The global market cap has shown a 6.38% increase in value after the trading volume’s drop. The market cap is at $2,307,758,515,131, which is a cause for celebration for investors worldwide.
Bitcoin enters a state of rest
Since yesterday, Bitcoin has certainly made an effort to move up, but its volatility has struck again. From November 2020, investors began entrusting their savings and placing their bets on Bitcoin to make it to the top while its price was $15,000.
Bitcoin has gone up almost $30k in price in just a single year from then on. This volatility has made us certain that this bearish run will hardly mark the end of Bitcoin. Bitcoin has another twenty-six days to make its comeback, and investors are still placing their hopes that it can achieve $60k before the New Year.
While this bearish run was certainly a cause for worry, this trend has strengthened the crypto market for months of bullish runs shortly. Bitcoin has remained steady at $49,615, with an increase of 4.78% since yesterday’s low of $47,000. BTC’s market cap has increased 5.22% up to $926,764,762,103, while its trading volume has dropped significantly by 37.30%.
Ethereum regains itself faster than any other top token?
Ethereum had surprised investors last night by beginning to regain its original value ahead of other cryptocurrencies. Before anyone knew what was happening, ETH had made almost a 3% increase before any other top cryptocurrency. This sudden increase shows just how far the market places itself on Ethereum‘s shoulders as it turns the bearish run on its own.
Due to Ethereum’s price value being significantly less than Bitcoin’s, ETH can easily regain its lost value. With only $500 between itself and its all-time high of $4,850, investors rely on ETH can regain its value faster than any other cryptocurrency. As of now, it trades at $4,230, with its market cap surging upwards by 7.82% at $496,363,586,806.
LUNA and GALA, the top two gainers in the Top 50
Those who follow the top gainers’ list for signs of upsurging tokens know the names of Terra and Gala very well. These two tokens have always been at the pinnacle of the gainers’ list because of their popularity and utility.
LUNA works as a stablecoin to make it easier to make global payments worldwide, hence the favor it gets from all over the world. On the other hand, GALA works to hand band the control of blockchain games back to their gamer base. Both of these are popular tokens because they appeal to a wide cause.
For this reason, they’ve always been gaining rather than losing. Although GALA had been affected harshly from the bearish run, it had no trouble picking itself back up after recording a 25.08% gain in the last twenty-four hours up to $0.541. LUNA shows a 34.96% gain, and its price is now at $74.80, while the market cap ranges at $28,951,456,730. Due to market cap increment, LUNA has now succeeded DOT for the 9th rank on the market.
We anticipate the progress of the top cryptocurrencies with great interest in tracking the efforts of the crypto market to regain itself. The bearish runs of the crypto market have always been revolutionary. The last time there had been a bearish run this wide-ranged, Bitcoin had recorded its top value of $68K.
Meanwhile, we have seen this ahead: A $200 million Bitmart hack has been uncovered by Peckshield, a blockchain security and data analytics provider, which identified an Ethereum blockchain transfer of around $100 million. It seems that hackers have done their Christmas shopping early. Keeping your coins on a centralized exchange is a good way to lose them.
Whenever you access your exchanges, wallets, or other online crypto service providers through your web browser, be sure to use a secure and trusted bookmark. The 5-dollar wrench attack can result in losses if you do not utilize multiple passphrases on your hardware wallet. You may want to read about our crypto wallet choices.
From here on out, we anticipate that the inevitable upcoming bullish runs will have their ways of surprising us and keeping the crypto market interesting and exciting. Keep safe in the interim.